3071 books match the query 'Business & Economics' and 687 start with t

cover of The Life and Political Economy of Lauchlin Currie: New Dealer, Presidential Advisor, and Development Economist

The Life and Political Economy of Lauchlin Currie

New Dealer, Presidential Advisor, and Development Economist

Roger J. Sandilands

Duke University Press, 1990

Lauchlin Currie’s contribution to monetary theory and policies during the New Deal and in the postwar period when he became one of the most important economic advisors to several presidents of Colombia is the subject of this biography. Currie was a major economic advisor to president Franklin D. Roosevelt, and as his administrative assistant from 1939 until the president’s death in 1945 helped shape Roosevelt’s thinking on economic issues.
His involvement in U.S. policymaking in China, where he directed Lend-Lease operations from 1941-1943, was one of the factors leading to his confrontation with Senator Joseph McCarthy. In 1949 he directed the first World Bank mission to Colombia.
Roger Sandilands had access to Currie’s own papers and to previously unpublished material. In this biography he provides the reader with a critical evaluation of Currie’s contribution to the literature on the theory and practice of economic development in general, together with an analysis of how his concepts were shaped during the New Deal and in post-World War II Colombia.
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cover of The Limits of Liberty: Between Anarchy and Leviathan

The Limits of Liberty

Between Anarchy and Leviathan

James M. Buchanan

University of Chicago Press, 1977

"The Limits of Liberty is concerned mainly with two topics. One is an attempt to construct a new contractarian theory of the state, and the other deals with its legitimate limits. The latter is a matter of great practical importance and is of no small significance from the standpoint of political philosophy."—Scott Gordon, Journal of Political Economy

James Buchanan offers a strikingly innovative approach to a pervasive problem of social philosophy. The problem is one of the classic paradoxes concerning man's freedom in society: in order to protect individual freedom, the state must restrict each person's right to act. Employing the techniques of modern economic analysis, Professor Buchanan reveals the conceptual basis of an individual's social rights by examining the evolution and development of these rights out of presocial conditions.
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cover of The Limits of Market Organization

The Limits of Market Organization

Richard R. Nelson

Russell Sage Foundation, 2005

The last quarter century has seen a broad, but qualified, belief in the efficacy of market organization slide into an unyielding dogma that the market, as unconstrained as possible, is the best way to govern virtually all economic activity. However, unrestricted markets can often lead to gross inequalities in access to important resources, the creation of monopolies, and other negative effects that require regulation or public subsidies to remedy. In The Limits of Market Organization, editor Richard Nelson and a group of economic experts take a more sophisticated look at the public/private debate, noting where markets are useful, where they can be effective only if augmented by non-market mechanisms, and where they are simply inappropriate. The Limits of Market Organization examines the appropriateness of markets in four areas where support for privatization varies widely: human services, public utilities, science and technology, and activities where market involvement is altogether inappropriate. Richard Murnane makes the case that a social interest in providing equal access to high quality education means that for school voucher plans to be effective, substantial government oversight is necessary. Federal involvement in a transcontinental railroad system was initially applauded, but recent financial troubles at Amtrak have prompted many to call for privatization of the rails. Yet contributor Elliot Sclar argues that public subsidies are the only way to maintain this vital part of the American transportation infrastructure. While market principles can promote competition and foster innovation, applying them in certain areas can actually stifle progress. Nelson argues that aggressive patenting has hindered scientific research by restricting access to tools and processes that could be used to generate new findings. He suggests that some kind of exception to patent law should be made for scientists who seek to build off of patented findings and then put their research results into the public domain. In other spheres, market organization is altogether unsuitable. Legal expert Richard Briffault looks at one such example—the democratic political process—and profiles the successes and failures of campaign finance reform in preventing parties from buying political influence. This important volume shows that market organization has its virtues, but also its drawbacks. Just as regulation can be over-applied, so too can market principles. The Limits of Market Organization encourages readers to think more discriminately about the march toward privatization, and to remember the importance of public institutions.
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cover of The Limits of Money: Three Perceptions of Our Most Comprehensive Value System

The Limits of Money

Three Perceptions of Our Most Comprehensive Value System

Simon Goudsmit

Eburon Academic Publishers, 2005

The Limits of Money examines money as a historical phenomenon and speculates on its future possibilities and limitations. The volume opens with a concise history of monetary systems and then examines how the advent of numbers transformed money into the main determinant of fiscal value. Simon Goudsmit concludes by looking at the tension between the power of financial incentives and the civic structures and behaviors needed to maintain Western democracy.

The Limits of Money is an intriguing and much-needed study of the role of money in daily life and human societies.
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cover of The Little Man with the Long Shadow

The Little Man with the Long Shadow

George S. Mills

University of Iowa Press, 1988

 Frederick M. Hubbell, railroad financier and builder, real estate investor, public utilities magnate, leading lawyer, and founder of Iowa’s first life insurance company, the Equitable, was at one time the wealthiest Iowan in the state’s history. Based on his diaries from 1855 to 1927, The Little Man with the Long Shadow tells the story of this industrious and imaginative entrepreneur.

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cover of The Logistics Counterrevolution: Supply Chain Imperialism and Anticolonial Struggle

The Logistics Counterrevolution

Supply Chain Imperialism and Anticolonial Struggle

Charmaine Chua

University of Minnesota Press, 2027

How the global supply chain developed in response to postcolonial struggles for independence

No part of the global economy today remains untouched by the logistics sector. Each time we make a purchase online, buy a car, or shop for groceries, we interact with planetary supply chains that connect industrial, transport, and service workers across vast distances. The Logistics Counterrevolution critically reexamines the history of global logistics from the perspective of anticolonial struggles that coincided with its emergence. Positioning this history as a counterrevolution on behalf of powerful state and capitalist interests, Charmaine Chua underscores how subaltern resistance shaped the development of the supply chains, containerization, and maritime logistics that underpin our daily lives.

This book charts how the logistics economy emerged after World War II as a response to the perceived threat of national liberation and economic autonomy among developing nations. Drawing from case studies in Indonesia, Singapore, the Philippines, and in international institutions, Chua demonstrates how the global supply chain not only sped up the international circulation of goods but also enacted new forms of imperialism leveled against the emerging nations of the Global South.

With insights from Filipino seafarers, Amazon warehouse workers, postcolonial leaders, and shipping executives, The Logistics Counterrevolution uncovers the enormous infrastructures and economic mechanisms that sustain capital distribution systems across the world. Combining ethnography with historical research from company and colonial archives, this book offers a necessary reconsideration of the logistics industry by illuminating the internationalist struggles that precipitated its rise.

Retail e-book files for this title are screen-reader friendly with images accompanied by short alt text and/or extended descriptions.

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cover of The Lost Forms of Economic Knowledge: On the Balance of Living Beings

The Lost Forms of Economic Knowledge

On the Balance of Living Beings

Arnaud Orain

University of Chicago Press, 2026

Traces the early history of economic knowledge developed by thinkers between the sixteenth and eighteenth centuries.

Starting with the sixteenth century, The Lost Forms of Economic Knowledge investigates the origins and prehistory of economic thought before the emergence of political economy as an autonomous discipline in the late eighteenth century. In this book, the celebrated French historian Arnaud Orain argues that these “lost forms” of economic knowledge represent an important alternative to our modern system of numerical abstraction and market manipulation. 

As Orain shows, older approaches to the economy defined it as a relationship between humans and their specific environment. These earlier mindsets sought to advance vernacular knowledge by turning to a variety of figures—naturalists, artisans, farmers, and merchants—to learn how to take advantage of the environment without depleting it. The goal of these inquiries was not to maximize profit but to determine how to allow humans to satisfy basic needs and live in harmony with nature. Now, at a time in which natural resources are fast depleting, Orain argues that we could do worse than consider the alternative approaches to “economics” that lie in our past, and that might still be available in the future.

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cover of The Lure of the North Woods: Cultivating Tourism in the Upper Midwest

The Lure of the North Woods

Cultivating Tourism in the Upper Midwest

Aaron Shapiro

University of Minnesota Press, 2013


In the late nineteenth century, the North Woods offered people little in the way of a pleasant escape. Rather, it was a hub of production supplying industrial America with vast quantities of lumber and mineral ore. This book tells the story of how northern Minnesota, northern Wisconsin, and Michigan’s Upper Peninsula became a tourist paradise, turning a scarred countryside into the playground we know today.


Stripped of much of its timber and ore by the early 1900s, the North Woods experienced deindustrialization earlier than the Rust Belt cities that consumed its resources. In The Lure of the North Woods, Aaron Shapiro describes how residents and visitors reshaped the region from a landscape of exploitation to a vacationland. The rejuvenating North Woods profited in new ways by drawing on emerging connections between the urban and the rural, including improved transportation, promotion, recreational land use, and conservation initiatives. Shapiro demonstrates how this transformation helps explain the interwar origins of modern American environmentalism, when both the consumption of nature for pleasure and the work of the Civilian Conservation Corps in the North Woods and elsewhere led many Americans to cultivate a fresh perspective on the outdoors. At a time when travel and recreation are considered major economic forces, The Lure of the North Woods reveals how leisure—and tourism in particular—has shaped modern America.


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cover of The Lysenko Affair

The Lysenko Affair

David Joravsky

University of Chicago Press, 1970

The Lysenko affair was perhaps the most bizarre chapter in the history of modern science. For thirty years, until 1965, Soviet genetics was dominated by a fanatical agronomist who achieved dictatorial power over genetics and plant science as well as agronomy.

"A standard source both for Soviet specialists and for sociologists of science."—American Journal of Sociology

"Joravsky has produced . . . the most detailed and authoritative treatment of Lysenko and his view on genetics."—New York Times Book Review
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cover of The Macroeconomics of Populism in Latin America

The Macroeconomics of Populism in Latin America

Edited by Rudiger Dornbusch and Sebastian Edwards

University of Chicago Press, 1991

Again and again, Latin America has seen the populist scenario played to an unfortunate end. Upon gaining power, populist governments attempt to revive the economy through massive spending. After an initial recovery, inflation reemerges and the government responds with wage an price controls. Shortages, overvaluation, burgeoning deficits, and capital flight soon precipitate economic crisis, with a subsequent collapse of the populist regime. The lessons of this experience are especially valuable for countries in Eastern Europe, as they face major political and economic decisions.

Economists and political scientists from the United States and Latin America detail in this volume how and why such programs go wrong and what leads policymakers to repeatedly adopt these policies despite a history of failure. Authors examine this pattern in Argentina, Brazil, Chile, Mexico, Nicaragua, and Peru—and show how Colombia managed to avoid it. Despite differences in how each country implemented its policies, the macroeconomic consequences were remarkably similar.

Scholars of Latin America will find this work a valuable resource, offering a distinctive macroeconomic perspective on the continuing controversy over the dynamics of populism.
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cover of The Magical State: Nature, Money, and Modernity in Venezuela

The Magical State

Nature, Money, and Modernity in Venezuela

Fernando Coronil

University of Chicago Press, 1997

In 1935, after the death of dictator General Juan Vicente Gómez, Venezuela consolidated its position as the world's major oil exporter and began to establish what today is South America's longest-lasting democratic regime. Endowed with the power of state oil wealth, successive presidents appeared as transcendent figures who could magically transform Venezuela into a modern nation. During the 1974-78 oil boom, dazzling development projects promised finally to effect this transformation. Yet now the state must struggle to appease its foreign creditors, counter a declining economy, and contain a discontented citizenry. In critical dialogue with contemporary social theory, Fernando Coronil examines key transformations in Venezuela's polity, culture, and economy, recasting theories of development and highlighting the relevance of these processes for other postcolonial nations. The result is a timely and compelling historical ethnography of political power at the cutting edge of interdisciplinary reflections on modernity and the state.

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cover of The Making of the Mexican Border: The State, Capitalism, and Society in Nuevo León, 1848-1910

The Making of the Mexican Border

The State, Capitalism, and Society in Nuevo León, 1848-1910

By Juan Mora-Torres

University of Texas Press, 2001

The issues that dominate U.S.-Mexico border relations today—integration of economies, policing of boundaries, and the flow of workers from south to north and of capital from north to south—are not recent developments. In this insightful history of the state of Nuevo León, Juan Mora-Torres explores how these processes transformed northern Mexico into a region with distinct economic, political, social, and cultural features that set it apart from the interior of Mexico.

Mora-Torres argues that the years between the establishment of the U.S.-Mexico boundary in 1848 and the outbreak of the Mexican Revolution in 1910 constitute a critical period in Mexican history. The processes of state-building, emergent capitalism, and growing linkages to the United States transformed localities and identities and shaped class formations and struggles in Nuevo León. Monterrey emerged as the leading industrial center and home of the most powerful business elite, while the countryside deteriorated economically, politically, and demographically. By 1910, Mora-Torres concludes, the border states had already assumed much of their modern character: an advanced capitalist economy, some of Mexico's most powerful business groups, and a labor market dependent on massive migrations from central Mexico.

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cover of The Making of the Supply Chain: How Five CSCMP Supply Chain Hall of Famers Shaped the Industry

The Making of the Supply Chain

How Five CSCMP Supply Chain Hall of Famers Shaped the Industry

Remko van Hoek

Epic Books, 2024

In The Making of the Supply Chain, Remko van Hoek explores the stories of five very different supply chain pioneers—George Stephenson, Henry Ford, George Lauer, Elizabeth Dole, and J. B. Hunt—to demonstrate how innovations in supply chain management have changed the world by reshaping how we obtain our products and services.

Van Hoek reflects on these leaders’ seminal achievements in supply chain management, relates their breakthroughs to current best practices and opportunities for the future, and chronicles how other leaders have converted lessons from these Hall of Famers into new breakthroughs.

Informed by his work with the Council of Supply Chain Management Professionals (CSCMP) Supply Chain Hall of Fame,Van Hoek presents these inspiring stories in an engaging and highly accessible style.

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cover of The Many Futures of Work: Rethinking Expectations and Breaking Molds

The Many Futures of Work

Rethinking Expectations and Breaking Molds

Edited by Peter A. Creticos, Larry Bennett, Laura Owen, Costas Spirou, and Maxine Morphis-Riesbeck

Temple University Press, 2021

What will work eventually look like? This is the question at the heart of this timely collection. The editors and contributors—a mix of policy experts, academics, and advocates—seek to reframe the typical projections of the “future” of work. They examine the impact of structural racism on work, the loss of family‑sustaining jobs, the new role of gig work, growing economic inequality, barriers to rewarding employment such as age, gender, disability, and immigration status, and the business policies driving these ongoing challenges. 

Together the essays present varied and practical insights into both U.S. and global trends, discuss the role of labor activism in furthering economic justice, and examine progressive strategies to improve the experience of work, wages, and the lives of workers. The Many Futures of Work offers a range of viable policies and practices that can promote rewarding employment and steer our course away from low-wage, unstable jobs toward jobs that lead to equitable prosperity and economic inclusion.

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cover of The Many and the Few: A Chronicle of the Dynamic Auto Workers

The Many and the Few

A Chronicle of the Dynamic Auto Workers

Henry Kraus. With an Introduction by Neil O. Leighton, William J. Meyer, and Nan Pendrell

University of Illinois Press, 1985

The Many and the Few recounts the dramatic "inside" story of one of the pivotal strikes in American history. For six weeks in 1937, workers at General Motors' Flint, Michigan, plant refused to budge from their sit-down strike. That action changed the course of industrial and labor history, when General Motors finally agreed to recognize the United Auto Workers as the sole bargaining agent in all GM plants. Through it all, UAW activist Henry Kraus was there.
 
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cover of The Market Comes to Education in Sweden: An Evaluation of Sweden's Surprising School Reforms

The Market Comes to Education in Sweden

An Evaluation of Sweden's Surprising School Reforms

Anders Bjorklund

Russell Sage Foundation, 2005

A large central government providing numerous public services has long been a hallmark of Swedish society, which is also well-known for its pursuit of equality. Yet in the 1990s, Sweden moved away from this tradition in education, introducing market-oriented reforms that decentralized authority over public schools and encouraged competition between private and public schools. Many wondered if this approach would improve educational quality, or if it might expand inequality that Sweden has fought so hard to hold down. In The Market Comes to Education in Sweden, economists Anders Björklund, Melissa Clark, Per-Anders Edin, Peter Fredriksson, and Alan Krueger measure the impact of Sweden's bold experiment in governing and help answer the questions that societies across the globe have been debating as they try to improve their children's education. The Market Comes to Education in Sweden injects some much-needed objectivity into the heavily politicized debate about the effectiveness of educational reform. While advocates for reform herald the effectiveness of competition in improving outcomes, others suggest that the reforms will grossly increase educational inequality for young people. The authors find that increased competition did help improve students' math and language skills, but only slightly, and with no effect on the performance of foreign-born students and those with low-educated parents. They also find some signs of increasing school segregation and wider inequality in student performance, but nothing near the doomsday scenarios many feared. In fact, the authors note that the relationship between family background and school performance has hardly budged since before the reforms were enacted. The authors conclude by providing valuable recommendations for school reform, such as strengthening school evaluation criteria, which are essential for parents, students, and governments to make competent decisions regarding education. Whether or not the market-oriented reforms to Sweden's educational system succeed will have far reaching implications for other countries considering the same course of action. The Market Comes to Education in Sweden offers firm empirical answers to the questions raised by school reform and brings crucial facts to the debate over the future of schooling in countries across the world.
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cover of The Market Structure of Sports

The Market Structure of Sports

Gerald W. Scully

University of Chicago Press, 1994

Through a detailed economic assessment of the current business of professional sports and prospects for the future in the United States, Scully examines the factors that determine players' salaries; management practices and franchise values; and long-term, short-term, and corporate ownership. Scully shows, for example, that while the economic growth of the last two decades was fueled primarily by sales of television rights, the broadcast market has become saturated and teams will have to look elsewhere for income in the 1990s.

This book offers technical insights that will interest business economists and professionals in sports management.
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cover of The Market and Other Orders

The Market and Other Orders

F. A. Hayek

University of Chicago Press, 2013

In addition to his groundbreaking contributions to pure economic theory, F. A. Hayek also closely examined the ways in which the knowledge of many individual market participants could culminate in an overall order of economic activity. His attempts to come to terms with the “knowledge problem” thread through his career and comprise the writings collected in the fifteenth volume of the University of Chicago Press’s Collected Works of F. A. Hayek series.

The Market and Other Orders brings together more than twenty works spanning almost forty years that consider this question. Consisting of speeches, essays, and lectures, including Hayek’s 1974 Nobel lecture, “The Pretense of Knowledge,” the works in this volume draw on a broad range of perspectives, including the philosophy of science, the physiology of the brain, legal theory, and political philosophy. Taking readers from Hayek’s early development of the idea of spontaneous order in economics through his integration of this insight into political theory and other disciplines, the book culminates with Hayek’s integration of his work on these topics into an overarching social theory that accounts for spontaneous order in the variety of complex systems that Hayek studied throughout his career.

Edited by renowned Hayek scholar Bruce Caldwell, who also contributes a masterly introduction that provides biographical and historical context, The Market and Other Orders forms the definitive compilation of Hayek’s work on spontaneous order.

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cover of The Market and Other Orders

The Market and Other Orders

F. A. Hayek

University of Chicago Press, 2013

This is an auto-narrated audiobook version of this book.

In addition to his groundbreaking contributions to pure economic theory, F. A. Hayek also closely examined the ways in which the knowledge of many individual market participants could culminate in an overall order of economic activity. His attempts to come to terms with the “knowledge problem” thread through his career and comprise the writings collected in the fifteenth volume of the University of Chicago Press’s Collected Works of F. A. Hayek series.

The Market and Other Orders brings together more than twenty works spanning almost forty years that consider this question. Consisting of speeches, essays, and lectures, including Hayek’s 1974 Nobel lecture, “The Pretense of Knowledge,” the works in this volume draw on a broad range of perspectives, including the philosophy of science, the physiology of the brain, legal theory, and political philosophy. Taking readers from Hayek’s early development of the idea of spontaneous order in economics through his integration of this insight into political theory and other disciplines, the book culminates with Hayek’s integration of his work on these topics into an overarching social theory that accounts for spontaneous order in the variety of complex systems that Hayek studied throughout his career.

Edited by renowned Hayek scholar Bruce Caldwell, who also contributes a masterly introduction that provides biographical and historical context, The Market and Other Orders forms the definitive compilation of Hayek’s work on spontaneous order.
[more]
cover of The Marketing of Farm Products: Studies in the Organization of the Twin Cities Market

The Marketing of Farm Products

Studies in the Organization of the Twin Cities Market

H. Price

University of Minnesota Press, 1927

The Marketing of Farm Products was first published in 1927. Minnesota Archive Editions uses digital technology to make long-unavailable books once again accessible, and are published unaltered from the original University of Minnesota Press editions.Fourteen specialists, including Professor John D. Black of Harvard University, and Dr. Holbrook Working, economist of the Stanford University Food Research Institute cooperated in these studies under the editorship of Professor H. Bruce Price.The book is designed as a text for use in high schools and college classes in agricultural economics and is equipped with references for reading, tables, charts, maps, and an index. In addition to chapters describing the organization of the Minneapolis-St. Paul market for grain, hay, livestock, potatoes, dairy products, fruits, and vegetables, there are included discussions of the historical geographical, and theoretical aspects of the subject. It will prove a valuable reference work also for businessmen, and producers and consumers of farm products in the Twin Cities market area—a territory extending west and north into Montana and Canada, and east and south into Wisconsin and Iowa.
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cover of The Master Cheesemakers of Wisconsin

The Master Cheesemakers of Wisconsin

James Norton and Becca Dilley

University of Wisconsin Press, 2009

This book—beautifully photographed and engagingly written—introduces hardworking, resourceful men and women who represent an artisanal craft that has roots in Europe but has been a Wisconsin tradition since the 1850s. Wisconsin produces more than 600 varieties of cheese, from massive wheels of cheddar and swiss to bricks of brick and limburger, to such specialties as crescenza-stracchino and juustoleipa. These masters combine tradition, technology, artistry, and years of dedicated learning—in a profession that depends on fickle, living ingredients—to create the rich tastes and beautiful presentation of their skillfully crafted products.
    Certification as a Master Cheesemaker typically takes almost fifteen years. An applicant must hold a cheesemaking license for at least ten years, create one or two chosen varieties of cheese for at least five years, take more than two years of university courses, consent to constant testing of their cheese and evaluation of their plant, and pass grueling oral and written exams to be awarded the prestigious title.
    James Norton and Becca Dilley interviewed these dairy artisans, listened to their stories, tasted their cheeses, and explored the plants where they work. They offer here profiles of forty-three active Master Cheesemakers of Wisconsin, as well as a glossary of cheesemaking terms, suggestions of operations that welcome visitors for tours, tasting notes and suggested food pairings, and tasty nuggets (shall we say curds?) of information on everything to do with cheese.
 
 
Winner, Best Midwest Regional Interest Book, Midwest Book Awards
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cover of The Maze of Urban Housing Markets: Theory, Evidence, and Policy

The Maze of Urban Housing Markets

Theory, Evidence, and Policy

Jerome Rothenberg, George C. Galster, Richard V. Butler, and John R. Pitkin

University of Chicago Press, 1991

This powerful new theoretical approach to analyzing urban housing problems and the policies designed to rectify them will be a vital resource for urban planners, developers, policymakers, and economists. The search for the roots of serious urban housing problems such as homelessness, abandonment, rent burdens, slums, and gentrification has traditionally focused on the poorest sector of the housing market. The findings set forth in this volume show that the roots of such problems lie in the relationships among different parts of the market—not solely within the lower-quality portion—though that is where problems are most dramatically manifested and housing reforms are myopically focused.

The authors propose a new understanding of the market structure characterized by a closely interrelated array of quality submarkets. Their comprehensive models ground a unified theory that accounts for demand by both renters and owner occupants, supply by owners of existing dwellings, changes in the stock of housing due to conversions and new construction, and interactions across submarkets.
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cover of The Meaning of Money in China and the United States: The 1986 Lewis Henry Morgan Lectures

The Meaning of Money in China and the United States

The 1986 Lewis Henry Morgan Lectures

Emily Martin

HAU, 2015

When Emily Martin delivered the annual Lewis Henry Morgan Lectures at the University of Rochester in 1986, she took as her subject the meaning of money in China and the United States. Though the topic is of perennial interest—and never more so than in our era, when economic forecasts of China’s growing economy generate shallow news stories and public fear—the lectures were never edited for publication, so their rich analysis has been unavailable to anthropologists ever since.

With this book—the first volume in a collaboration between Hau Books and the University of Rochester—Martin’s lectures are brought back, fully edited and richly illustrated. A new introduction by Martin herself brings her analysis wholly up to date, while an afterword by Jane I. Guyer and Sidney Mintz discusses Martin’s work, influence, and legacy. The Meaning of Money in China and the United States will instantly assume its rightful place as a classic in the field, with Martin’s insights as germane and productive as they were nearly thirty years ago.


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cover of The Means of Prediction: How AI Really Works (and Who Benefits)

The Means of Prediction

How AI Really Works (and Who Benefits)

Maximilian Kasy

University of Chicago Press, 2025

An eye-opening examination of how power—not technology—will define life with AI.

AI is inescapable, from its mundane uses online to its increasingly consequential decision-making in courtrooms, job interviews, and wars. The ubiquity of AI is so great that it might produce public resignation—a sense that the technology is our shared fate.
 
As economist Maximilian Kasy shows in The Means of Prediction, artificial intelligence, far from being an unstoppable force, is irrevocably shaped by human decisions—choices made to date by the ownership class that steers its development and deployment. Kasy shows that the technology of AI is ultimately not that complex. It is insidious, however, in its capacity to steer results to its owners’ wants and ends. Kasy clearly and accessibly explains the fundamental principles on which AI works, and, in doing so, reveals that the real conflict isn’t between humans and machines, but between those who control the machines and the rest of us.
 
The Means of Prediction offers a powerful vision of the future of AI: a future not shaped by technology, but by the technology’s owners. Amid a deluge of debates about technical details, new possibilities, and social problems, Kasy cuts to the core issue: Who controls AI’s objectives, and how is this control maintained? The answer lies in what he calls “the means of prediction,” or the essential resources required for building AI systems: data, computing power, expertise, and energy. As Kasy shows, in a world already defined by inequality, one of humanity’s most consequential technologies has been and will be steered by those already in power.
 
Against those stakes, Kasy offers an elegant framework both for understanding AI’s capabilities and for designing its public control. He makes a compelling case for democratic control over AI objectives as the answer to mounting concerns about AI's risks and harms. The Means of Prediction is a revelation, both an expert undressing of a technology that has masqueraded as more complicated and a compelling call for public oversight of this transformative technology.
 
[more]
cover of The Means of Prediction: How AI Really Works (and Who Benefits)

The Means of Prediction

How AI Really Works (and Who Benefits)

Maximilian Kasy

University of Chicago Press, 2025

An eye-opening examination of how power—not technology—will define life with AI.

AI is inescapable, from its mundane uses online to its increasingly consequential decision-making in courtrooms, job interviews, and wars. The ubiquity of AI is so great that it might produce public resignation—a sense that the technology is our shared fate.
 
As economist Maximilian Kasy shows in The Means of Prediction, artificial intelligence, far from being an unstoppable force, is irrevocably shaped by human decisions—choices made to date by the ownership class that steers its development and deployment. Kasy shows that the technology of AI is ultimately not that complex. It is insidious, however, in its capacity to steer results to its owners’ wants and ends. Kasy clearly and accessibly explains the fundamental principles on which AI works, and, in doing so, reveals that the real conflict isn’t between humans and machines, but between those who control the machines and the rest of us.
 
The Means of Prediction offers a powerful vision of the future of AI: a future not shaped by technology, but by the technology’s owners. Amid a deluge of debates about technical details, new possibilities, and social problems, Kasy cuts to the core issue: Who controls AI’s objectives, and how is this control maintained? The answer lies in what he calls “the means of prediction,” or the essential resources required for building AI systems: data, computing power, expertise, and energy. As Kasy shows, in a world already defined by inequality, one of humanity’s most consequential technologies has been and will be steered by those already in power.
 
Against those stakes, Kasy offers an elegant framework both for understanding AI’s capabilities and for designing its public control. He makes a compelling case for democratic control over AI objectives as the answer to mounting concerns about AI's risks and harms. The Means of Prediction is a revelation, both an expert undressing of a technology that has masqueraded as more complicated and a compelling call for public oversight of this transformative technology.
 

[more]
cover of The Measure of Economies: Measuring Productivity in an Age of Technological Change

The Measure of Economies

Measuring Productivity in an Age of Technological Change

Edited by Marshall B. Reinsdorf and Louise Sheiner

University of Chicago Press, 2024

Innovative new approaches for improving GDP measurement to better gauge economic productivity.

Official measures of gross domestic product (GDP) indicate that productivity growth has declined in the United States over the last two decades. This has led to calls for policy changes from pro-business tax reform to stronger antitrust measures. But are our twentieth-century economic methods actually measuring our twenty-first-century productivity?

The Measure of Economies offers a synthesis of the state of knowledge in productivity measurement at a time when many question the accuracy and scope of GDP. With chapters authored by leading economic experts on topics such as the digital economy, health care, and the environment, it highlights the inadequacies of current practices and discusses cutting-edge alternatives.

Pragmatic and forward-facing, The Measure of Economies is an essential resource not only for social scientists, but also for policymakers and business leaders seeking to understand the complexities of economic growth in a time of rapidly evolving technology.

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cover of The Measurement of Capital

The Measurement of Capital

Edited by Dan Usher

University of Chicago Press, 1980

How is real capital measured by government statistical agencies? How could this measure be improved to correspond more closely to an economist's ideal measure of capital in economic analysis and prediction? It is possible to construct a single, reliable time series for all capital goods, regardless of differences in vintage, technological complexity, and rates of depreciation? These questions represent the common themes of this collection of papers, originally presented at a 1976 meeting of the Conference on Income and Wealth.
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cover of The Measurement of Durable Goods Prices

The Measurement of Durable Goods Prices

Robert J. Gordon

University of Chicago Press, 1990

American business has recently been under fire, charged with inflated pricing and an inability to compete in the international marketplace. However, the evidence presented in this volume shows that the business community has been unfairly maligned—official measures of inflation and the standard of living have failed to account for progress in the quality of business equipment and consumer goods. Businesses have actually achieved higher productivity at lower prices, and new goods are lighter, faster, more energy efficient, and more reliable than their predecessors.

Robert J. Gordon has written the first full-scale work to treat the extent of quality changes over the entire range of durable goods, from autos to aircraft, computers to compressors, from televisions to tractors. He combines and extends existing methods of measurement, drawing data from industry sources, Consumer Reports, and the venerable Sears catalog.

Beyond his important finding that the American economy is more sound than officially recognized, Gordon provides a wealth of anecdotes tracing the postwar history of technological progress. Bolstering his argument that improved quality must be accurately measured, Gordon notes, for example, that today's mid-range personal computers outperform the multimillion-dollar mainframes of the 1970s. This remarkable book will be essential reading for economists and those in the business community.
[more]
cover of The Measurement of Labor Cost

The Measurement of Labor Cost

Edited by Jack E. Triplett

University of Chicago Press, 1983

Measuring costs of labor as a portion of total production costs has never before been treated so thoroughly or so thoughtfully. Moreover, contrary to most recent labor research, this book focuses on the demand side—the employer's point of view—and the behavior studied is employer behavior.

An introductory essay by the editor provides a useful guide to current thought in the analysis of labor cost. Other papers give new insights into problems encountered in accounting for the nonwage elements of labor compensation, the effect of pensions and other benefits, and the wage-measurement questions raised by incomes policies. In addition, there is a wealth of valuable new data on labor costs in the United States.

Labor economists, statisticians, econometric modelers, and advisers to government and industry will welcome this up-to-date and comprehensive treatment of the costs of production.
[more]
cover of The Measurement of Saving, Investment, and Wealth

The Measurement of Saving, Investment, and Wealth

Edited by Robert E. Lipsey and Helen Stone Tice

University of Chicago Press, 1989

There is probably no concept other than saving for which U.S. official agencies issue annual estimates that differ by more than a third, as they have done for net household saving, or for which reputable scholars claim that the correct measure is close to ten times the officially published one. Yet despite agreement among economists and policymakers on the importance of this measure, huge inconsistencies persist.

Contributors to this volume investigate ways to improve aggregate and sectoral saving and investment estimates and analyze microdata from recent household wealth surveys. They provide analyses of National Income and Product Account (NIPA) and Flow-of-Funds measures and of saving and survey-based wealth estimates. Conceptual and methodological questions are discussed regarding long-term trends in the U.S. wealth inequality, age-wealth profiles, pensions and wealth distribution, and biases in inferences about life-cycle changes in saving and wealth. Some new assessments are offered for investment in human and nonhuman capital, the government contribution to national wealth, NIPA personal and corporate saving, and banking imputation.
[more]
cover of The Memory of Trade: Modernity's Entanglements on an Eastern Indonesian Island

The Memory of Trade

Modernity's Entanglements on an Eastern Indonesian Island

Patricia Spyer

Duke University Press, 2000

The Memory of Trade is an ethnographic study of the people of Aru, an archipelago in eastern Indonesia. Central to Patricia Spyer’s study is the fraught identification of Aruese people with two imaginary elsewheres—the ‘Aru’ and the ‘Malay’—and the fissured construction of community that has ensued from centuries of active international trade and more recent encroachments of modernity.
Drawing on more than two years of archival and ethnographic research, Spyer examines the dynamics of contact with the Dutch and Europeans, Suharto’s postcolonial regime, and with the competing religions of Islam, Protestantism, and Catholicism in the context of the recent conversion of pagan Aruese. While arguing that Aru identity and community are defined largely in terms of absence, longing, memory, and desire, she also incorporates present-day realities—such as the ecological destruction wrought by the Aru trade in such luxury goods as pearls and shark fins—without overlooking the mystique and ritual surrounding these activities. Imprinted on the one hand by the archipelago’s long engagement with extended networks of commerce and communication and, on the other, by modernity’s characteristic repressions and displacements, Aruese make and manage their lives somewhat precariously within what they often seem to construe as a dangerously expanding—if still enticing—world. By documenting not only the particular expectations and strategies Aruese have developed in dealing with this larger world but also the price they pay for participation therein, The Memory of Trade speaks to problems commonly faced elsewhere in the frontier spaces of modern nation-states.
Balancing particularly astute analysis with classic ethnography, The Memory of Trade will appeal not only to anthropologists and historians but also to students and specialists of Southeast Asia, modernity, and globalization.
[more]
cover of The Menace of Prosperity: New York City and the Struggle for Economic Development, 1865–1981

The Menace of Prosperity

New York City and the Struggle for Economic Development, 1865–1981

Daniel Wortel-London

University of Chicago Press, 2025

Upends entrenched thinking about cities, demonstrating how urban economies are defined—or constrained—by the fiscal imagination of policymakers, activists, and residents.
 
Many local policymakers make decisions based on a deep-seated belief: what’s good for the rich is good for cities. Convinced that local finances depend on attracting wealthy firms and residents, municipal governments lavish public subsidies on their behalf. Whatever form this strategy takes—tax-exempt apartments, corporate incentives, debt-financed mega projects—its rationale remains consistent and assumed to be true. But this wasn’t always the case. Between the 1870s and the 1970s, a wide range of activists, citizens, and intellectuals in New York City connected local fiscal crises to the greed and waste of the rich. These figures saw other routes to development, possibilities rooted in alternate ideas about what was fiscally viable.
 
In The Menace of Prosperity, Daniel Wortel-London argues that urban economics and politics are shaped by what he terms the “fiscal imagination” of policymakers, activists, advocates, and other figures. His survey of New York City during a period of explosive growth shows how residents went beyond the limits of redistributive liberalism to imagine how their communities could become economically viable without the largesse of the wealthy. Their strategies—which included cooperatives, public housing, land-value taxation, public utilities, and more—centered the needs and capabilities of ordinary residents as the basis for local economies that were both prosperous and just.
 
Overturning stale axioms about economic policy, The Menace of Prosperity shows that not all growth is productive for cities. Wortel-London’s ambitious history demonstrates the range of options we’ve abandoned and hints at the economic frameworks we could still realize—and the more democratic cities that might result.
[more]
cover of The Menace of Prosperity: New York City and the Struggle for Economic Development, 1865–1981

The Menace of Prosperity

New York City and the Struggle for Economic Development, 1865–1981

Daniel Wortel-London

University of Chicago Press, 2025

This is an auto-narrated audiobook version of this book.

Upends entrenched thinking about cities, demonstrating how urban economies are defined—or constrained—by the fiscal imagination of policymakers, activists, and residents.

 
Many local policymakers make decisions based on a deep-seated belief: what’s good for the rich is good for cities. Convinced that local finances depend on attracting wealthy firms and residents, municipal governments lavish public subsidies on their behalf. Whatever form this strategy takes—tax-exempt apartments, corporate incentives, debt-financed mega projects—its rationale remains consistent and assumed to be true. But this wasn’t always the case. Between the 1870s and the 1970s, a wide range of activists, citizens, and intellectuals in New York City connected local fiscal crises to the greed and waste of the rich. These figures saw other routes to development, possibilities rooted in alternate ideas about what was fiscally viable.
 
In The Menace of Prosperity, Daniel Wortel-London argues that urban economics and politics are shaped by what he terms the “fiscal imagination” of policymakers, activists, advocates, and other figures. His survey of New York City during a period of explosive growth shows how residents went beyond the limits of redistributive liberalism to imagine how their communities could become economically viable without the largesse of the wealthy. Their strategies—which included cooperatives, public housing, land-value taxation, public utilities, and more—centered the needs and capabilities of ordinary residents as the basis for local economies that were both prosperous and just.
 
Overturning stale axioms about economic policy, The Menace of Prosperity shows that not all growth is productive for cities. Wortel-London’s ambitious history demonstrates the range of options we’ve abandoned and hints at the economic frameworks we could still realize—and the more democratic cities that might result.
[more]
cover of The Mentoring Guide: Helping Mentors and Mentees Succeed

The Mentoring Guide

Helping Mentors and Mentees Succeed

Vineet Chopra

Michigan Publishing Services, 2019

The Mentoring Guide is the go-to resource for mentors and mentees. Written by authors with decades of experience in both roles, it compiles a wide array of stories and data providing concrete, actionable advice to make the most of any mentoring relationship. From getting started as a mentee, to the importance of being a standout mentor, The Mentoring Guide will help avoid pitfalls, address challenges, and develop longlasting, productive, and successful mentoring relationships.
[more]
cover of The Mexican Petroleum Industry in the Twentieth Century

The Mexican Petroleum Industry in the Twentieth Century

Edited by Jonathan C. Brown and Alan Knight

University of Texas Press, 1992

Mexico's petroleum industry has come to symbolize the very sovereignty of the nation itself. Politicians criticize Pemex, the national oil company, at their peril, and President Salinas de Gortari has made clear that the free trade negotiations between Mexico and the United States will not affect Pemex's basic status as a public enterprise. How and why did the petroleum industry gain such prominence and, some might say, immunity within Mexico's political economy?

The Mexican Petroleum Industry in the Twentieth Century, edited by Jonathan C. Brown and Alan Knight, seeks to explain the impact of the oil sector on the nation's economic, political, and social development. The book is a multinational effort—one author is Australian, two British, three North American, and five Mexican. Each contributing scholar has researched and written extensively about Mexico and its oil industry.

[more]
cover of The Mexican Urban Household: Organizing for Self-Defense

The Mexican Urban Household

Organizing for Self-Defense

By Henry A. Selby, Arthur D. Murphy, and Stephen A. Lorenzen

University of Texas Press, 1990

The sufferings of “ordinary” people under harsh economic conditions can eventually lead to the fall of governments. Given this fact, it becomes important to know how “ordinary” people live—what privations they suffer and what strategies they use to survive in times of economic crisis. The Mexican Urban Household provides this information for Mexico near the end of the twentieth century.

Mexico is now a predominantly urban nation, and this study is the definitive work on the strategies of self-defense of its urban households. It is based on surveys of nearly 10,000 households, conducted during twenty years of field work in five very different cities, with the help of a staff of more than twenty Mexican social scientists, engineers, architects, and social workers.

Far from being a compilation of undigested statistics, however, The Mexican Urban Household uses its rich data to vividly reveal how Mexican families use their every resource to defend themselves against a political and economic system that overwhelms and exploits them. It describes how families band together, sometimes with three generations in one small house, to minimize expenses and pool resources. It explores the limited range of available jobs, from secure but scarce bureaucratic positions to more common and less reliable jobs in blue-collar industries and the informal economy. And, most important, it traces the high cost to families, particularly to women, of the endless struggle to make ends meet.

These important findings outline the dimensions of the economic crisis for ordinary Mexicans. It will be crucial reading not only for everyone interested in the future of Mexico but also for students of development throughout the Third World.

[more]
cover of The Microsoft Case: Antitrust, High Technology, and Consumer Welfare

The Microsoft Case

Antitrust, High Technology, and Consumer Welfare

William H. Page and John E. Lopatka

University of Chicago Press, 2007

In 1998, the United States Department of Justice and state antitrust agencies charged that Microsoft was monopolizing the market for personal computer operating systems.  More than ten years later, the case is still the defining antitrust litigation of our era.  William H. Page and John E. Lopatka’s The Microsoft Case contributes to the debate over the future of antitrust policy by examining the implications of the litigation from the perspective of consumer welfare. 

The authors trace the development of the case from its conceptual origins through the trial and the key decisions on both liability and remedies.  They argue that, at critical points, the legal system failed consumers by overrating government’s ability to influence outcomes in a dynamic market. This ambitious book is essential reading for business, law, and economics scholars as well as anyone else interested in the ways that technology, economics, and antitrust law have interacted in the digital age.

“This book will become the gold standard for analysis of the monopolization cases against Microsoft. . . . No serious student of law or economic policy should go without reading it.”—Thomas C. Arthur, Emory University

[more]
cover of The Microstructure of Foreign Exchange Markets

The Microstructure of Foreign Exchange Markets

Edited by Jeffrey A. Frankel, Giampaolo Galli, and Alberto Giovannini

University of Chicago Press, 1996

The foreign exchange market is the largest, fastest-growing financial market in the world. Yet conventional macroeconomic approaches do not explain why people trade foreign exchange. At the same time, they fail to explain the short-run determinants of the exchange rate.

These nine innovative essays use a microstructure approach to analyze the workings of the foreign exchange market, with special emphasis on institutional aspects and the actual behavior of market participants. They examine the volume of transactions, heterogeneity of traders, the time of day and location of trading, the bid-ask spread, and the high level of exchange rate volatility that has puzzled many observers. They also consider the structure of the market, including such issues as nontransparency, asymmetric information, liquidity trading, the use of automated brokers, the relationship between spot and derivative markets, and the importance of systemic risk in the market.

This timely volume will be essential reading for anyone interested in the economics of international finance.
[more]
cover of The Mine Next Door: Turning Points in Corporate Social Responsibility Communicative Practice

The Mine Next Door

Turning Points in Corporate Social Responsibility Communicative Practice

Amy O'Connor

University of Michigan Press, 2026

The Mine Next Door peels back the veneer of corporate public relations to expose the jagged edges that define the boundaries of corporate social responsibility (CSR) in Minnesota’s Iron Range. With five years of ethnographic and archival research, Amy O’Connor was able to interview over seventy people, including miners, retired miners, community members, elected officials, and representatives from Cleveland-Cliffs Inc. In addition to illuminating the everyday lives of Minnesota’s taconite miners and community members, she compares the corporate narratives of CSR with these lived experiences to reveal how CSR boundaries are co-constructed, contested, and consequential. 

In this rare ethnographic account of iron ore mining in the United States, O’Connor shows how turning points—whether macrolevel (e.g., capitalism, governmental policy, and regulation) or microlevel (e.g., miner experiences, local culture, company proclivities)—create CSR communicative practice boundaries that are influenced by culture, history, and geography. The permanence and precariousness of the mining industry offers a unique opportunity to show how corporations, workers, and communities both collaborate and clash. The Mine Next Door argues that to understand CSR communicative practices, we must move beyond the staid, homogeneous CSR reports and glossy public relations documents to reveal the messy and contradictory moments of decision wherein corporations and communities determine where a company has power and responsibility.

[more]
cover of The Missing Links: Formation and Decay of Economic Networks

The Missing Links

Formation and Decay of Economic Networks

James E. Rauch

Russell Sage Foundation, 2007

Half of all workers are hired through personal referrals, and networks of social connections channel the flows of capital, technology, and international trade. Sociologists and economists alike recognize that economic exchange is shaped by social networks, which propagate information and facilitate trust, but each discipline brings a distinct theoretical perspective to the study of networks. Sociologists have focused on how networks shape individual behavior, economists on how individual choices shape networks. The Missing Links is a bold effort by an interdisciplinary group of scholars to synthesize sociological and economic theories of how economic networks emerge and evolve. Interweaving sophisticated theoretical models and concrete case studies, The Missing Links is both an introduction to the study of economic networks and a catalyst for further research. Economists Rachel Kranton and Deborah Minehart illustrate their field's approach to modeling network formation, showing how manufacturers form networks of suppliers in ways that maximize profits. Exemplifying the sociological approach, Ronald Burt analyzes patterns of cooperation and peer evaluations among colleagues at a financial organization. He finds that dense connections of shared acquaintances lead to more stable reputations.  In the latter half of the book, contributors combine the insights of sociology and economics to explore a series of case studies. Ray Reagans, Ezra Zuckerman, and Bill McEvily investigate an R & D firm in which employees participate in overlapping collaborative teams, allowing the authors to disentangle the effects of network structure and individual human capital on team performance. Kaivan Munshi and Mark Rosenzweig examine how economic development and rising inequality in India are reshaping caste-based networks of mutual insurance and job referrals. Their study shows that people's economic decisions today are shaped both by the legacy of the caste hierarchies and by the particular incentives and constraints that each individual faces in an evolving labor market. Economic globalization is forging new connections between people in distant corners of the world, while unsettling long-standing social relations. Anyone interested in understanding the opportunities and challenges of this era of rapid change will find a highly informative guide in The Missing Links.
[more]
cover of The Monetarists: The Making of the Chicago Monetary Tradition, 1927–1960

The Monetarists

The Making of the Chicago Monetary Tradition, 1927–1960

George S. Tavlas

University of Chicago Press, 2023

An essential origin story of modern society’s most influential economic doctrine.

The Chicago School of economic thought has been subject to endless generalizations—and mischaracterizations—in contemporary debate. What is often portrayed as a monolithic obsession with markets is, in fact, a nuanced set of economic theories born from decades of research and debate. The Monetarists is a deeply researched history of the monetary policies—and personalities—that codified the Chicago School of monetary thought from the 1930s through the 1960s. These policies can be characterized broadly as monetarism: the belief that prices and interest rates can be kept stable by controlling the amount of money in circulation. 

As economist George S. Tavlas makes clear, these ideas were more than just the legacy of Milton Friedman; they were a tradition in theory brought forth by a crucible of minds and debates throughout campus. Through unprecedented mining of archival material, The Monetarists offers the first complete history of one of the twentieth century’s most formative intellectual periods and places. It promises to elevate our understanding of this doctrine and its origins for generations to come.
[more]
cover of The Money Doctor in the Andes: U.S. Advisors, Investors, and Economic Reform in Latin America from World War I to the Great Depression

The Money Doctor in the Andes

U.S. Advisors, Investors, and Economic Reform in Latin America from World War I to the Great Depression

Paul W. Drake

Duke University Press, 1988

The Money Doctor in the Andes is an account of the technical assistance missions to five Andean republics—Colombia, Ecuador, Chile, Bolivia, and Peru—undertaken by Princeton University economist Edwin Walter Kemmerer during the 1920s. Drake demonstrates that in each case the Kemmerer mission recommended an identical series of monetary, fiscal, and banking reforms, adding occasional recommendations on everything from administrative reorganization to penal code reform as local circumstances seemed to warrant. In each case, too, local legislatures adopted all the main Kemmerer proposals virtually without debate or modifications.

Drake links the Kemmerer missions to vital developments in the political economic history of the Andean republics in the interwar period. He analyzes the domestic interest groups and political forces whose convergent strategies gave the Kemmerer missions their remarkable record in achieving local success for the reforms proposed. Second, Drake situates the Kemmerer missions at the center of a process of political modernization that created new institutions and policy agencies in each of the five countries; the missions thereby contributed to the expansion of the central government as an agent of development in ways that later differed sharply from Kemmerer's orthodox policies. Finally, The Money Doctor in the Andes regards developments in the Andean countries in the context of the region's developing economic ties to the United States. Expectations that Kemmerer's plans would simultaneously attract foreign capital and control inflation drew support from sectors as diverse as trade unions and landowners. When the Depression deepened, Kemmerer's policies proved counterproductive and the fragile consensus that had installed them fell apart, but the political and administrative reforms endured—with far-reaching consequences.

[more]
cover of The Money Illusion: Market Monetarism, the Great Recession, and the Future of Monetary Policy

The Money Illusion

Market Monetarism, the Great Recession, and the Future of Monetary Policy

Scott Sumner

University of Chicago Press, 2021

The first book-length work on market monetarism, written by its leading scholar.

Is it possible that the consensus around what caused the 2008 Great Recession is almost entirely wrong? It’s happened before. Just as Milton Friedman and Anna Schwartz led the economics community in the 1960s to reevaluate its view of what caused the Great Depression, the same may be happening now to our understanding of the first economic crisis of the 21st century.

Forgoing the usual relitigating of problems such as housing markets and banking crises, renowned monetary economist Scott Sumner argues that the Great Recession came down to one thing: nominal GDP, the sum of all nominal spending in the economy, which the Federal Reserve erred in allowing to plummet. The Money Illusion is an end-to-end case for this school of thought, known as market monetarism, written by its leading voice in economics. Based almost entirely on standard macroeconomic concepts, this highly accessible text lays the groundwork for a simple yet fundamentally radical understanding of how monetary policy can work best: providing a stable environment for a market economy to flourish.
[more]
cover of The Money Myth: School Resources, Outcomes, and Equity

The Money Myth

School Resources, Outcomes, and Equity

W. Norton Grubb

Russell Sage Foundation, 2009

Can money buy high-quality education? Studies find only a weak relationship between public school funding and educational outcomes. In The Money Myth, W. Norton Grubb proposes a powerful paradigm shift in the way we think about why some schools thrive and others fail. The greatest inequalities in America's schools lie in factors other than fiscal support. Fundamental differences in resources other than money—for example, in leadership, instruction, and tracking policies—explain the deepening divide in the success of our nation's schoolchildren. The Money Myth establishes several principles for a bold new approach to education reform. Drawing on a national longitudinal dataset collected over twelve years, Grubb makes a crucial distinction between "simple" resources and those "compound," "complex," and "abstract" resources that cannot be readily bought. Money can buy simple resources—such as higher teacher salaries and smaller class sizes—but these resources are actually some of the weakest predictors of educational outcomes. On the other hand, complex resources pertaining to school practices are astonishingly strong predictors of success. Grubb finds that tracking policies have the most profound and consistent impact on student outcomes over time. Schools often relegate low-performing students—particularly minorities—to vocational, remedial, and special education tracks. So even in well-funded schools, resources may never reach the students who need them most. Grubb also finds that innovation in the classroom has a critical impact on student success. Here, too, America's schools are stratified. Teachers in underperforming schools tend to devote significant amounts of time to administration and discipline, while instructors in highly ranked schools dedicate the bulk of their time to "engaged learning," using varied pedagogical approaches. Effective schools distribute leadership among many instructors and administrators, and they foster a sense of both trust and accountability. These schools have a clear mission and coherent agenda for reaching goals. Underperforming schools, by contrast, implement a variety of fragmented reforms and practices without developing a unified plan. This phenomenon is perhaps most powerfully visible in the negative repercussions of No Child Left Behind. In a frantic attempt to meet federal standards and raise test scores quickly, more and more schools are turning to scripted "off the shelf" curricula. These practices discourage student engagement, suppress teacher creativity, and hold little promise of improving learning beyond the most basic skills. Grubb shows that infusions of money alone won't eradicate inequality in America's schools. We need to address the vast differences in the way school communities operate. By looking beyond school finance, The Money Myth gets to the core reasons why education in America is so unequal and provides clear recommendations for addressing this chronic national problem.
[more]
cover of The Money Problem: Rethinking Financial Regulation

The Money Problem

Rethinking Financial Regulation

Morgan Ricks

University of Chicago Press, 2016

Years have passed since the world experienced one of the worst financial crises in history, and while countless experts have analyzed it, many central questions remain unanswered. Should money creation be considered a ‘public’ or ‘private’ activity—or both? What do we mean by, and want from, financial stability? What role should regulation play? How would we design our monetary institutions if we could start from scratch?
 
In The Money Problem, Morgan Ricks addresses all of these questions and more, offering a practical yet elegant blueprint for a modernized system of money and banking—one that, crucially, can be accomplished through incremental changes to the United States’ current system. He brings a critical, missing dimension to the ongoing debates over financial stability policy, arguing that the issue is primarily one of monetary system design. The Money Problem offers a way to mitigate the risk of catastrophic panic in the future, and it will expand the financial reform conversation in the United States and abroad.
[more]
cover of The Motherhood Business: Consumption, Communication, and Privilege

The Motherhood Business

Consumption, Communication, and Privilege

Edited by Anne Teresa Demo, Jennifer L. Borda, and Charlotte Kroløkke

University of Alabama Press, 2015

Examining how motherhood, consumption, and privilege shape identities in contemporary culture.

The Motherhood Business is a piercing collection of ten original essays that reveal the rhetoric of the motherhood industry. Focusing on the consumer life of mothers and the emerging entrepreneurship associated with motherhood, the collection considers how different forms of privilege (class, race, and nationality) inform discourses about mothering, consumption, mobility, and leisure.

The Motherhood Business follows the harried mother’s path into the anxious maelstrom of intelligent toys, healthy foods and meals, and educational choices. It also traces how some enterprising mothers leverage cultural capital and rhetorical vision to create thriving baby- and child-based businesses of their own, as evidenced by the rise of mommy bloggers and “mompreneurs”over the last decade.

Starting with the rapidly expanding global fertility market, The Motherhood Business explores the intersection of motherhood, consumption, and privilege in the context of fertility tourism, international adoption, and transnational surrogacy. The synergy between motherhood and the marketplace demonstrated across the essays affirms the stronghold of “intensive mothering ideology” in decisions over what mothers buy and how they brand their businesses even as that ideology evolves. Across diverse contexts, the volume also identifies how different forms or privilege shape how mothers construct their identities through their consumption and entrepreneurship.

Although social observers have long commented on the link between motherhood and consumerism, little has been written within the field of rhetoric. Penetrating and interdisciplinary, The Motherhood Business illuminates how consumer culture not only shapes contemporary motherhood but also changes in response to mothers who constitute a driving force of the economy.
 

[more]
cover of The Multilateral Trading System: Analysis and Options for Change

The Multilateral Trading System

Analysis and Options for Change

Robert M. Stern, Editor

University of Michigan Press, 1993

This volume provides an analytical approach to most of the major items on the agenda of the Uruguay Round of Multilateral Trade Negotiations, which was convened in 1986 under the auspices of the General Agreement on Tariffs and Trade (GATT).The Uruguay Round negotiating agenda is ambitious in scope, consisting of such topics as barriers to trade, sectoral issues, and GATT rules, and a number of topics that had not been addressed in previous negotiations. The Multilateral Trading System begins with an introduction and overview of the issues, followed by two chapters that put the Uruguay Round in context and provide some historical perspective relating to previous GATT negotiations. The bulk of the volume consists of twelve analytical chapters that address many of the central issues, including tariffs and nontariff barriers; dumping; safeguards; agriculture; services; trade-related intellectual property rights; and trade-related investment measures. The concluding chapters deal with options for change, focusing on trade-offs, coalitions, and national interests and on suggestions for the design of a new constitution to govern the global trading system.The Multilateral Trading System deals with issues of central importance in the global trading system. It will be of particular interest to specialists in international trade and staff economists in national and international agencies. Specialists and students in political science, law, and business administration will also find much that is useful.
[more]
cover of The Myth of Achievement Tests: The GED and the Role of Character in American Life

The Myth of Achievement Tests

The GED and the Role of Character in American Life

Edited by James J. Heckman, John Eric Humphries, and Tim Kautz

University of Chicago Press, 2013

Achievement tests play an important role in modern societies. They are used to evaluate schools, to assign students to tracks within schools, and to identify weaknesses in student knowledge. The GED is an achievement test used to grant the status of high school graduate to anyone who passes it. GED recipients currently account for 12 percent of all high school credentials issued each year in the United States. But do achievement tests predict success in life?

The Myth of Achievement Tests shows that achievement tests like the GED fail to measure important life skills. James J. Heckman, John Eric Humphries, Tim Kautz, and a group of scholars offer an in-depth exploration of how the GED came to be used throughout the United States and why our reliance on it is dangerous. Drawing on decades of research, the authors show that, while GED recipients score as well on achievement tests as high school graduates who do not enroll in college, high school graduates vastly outperform GED recipients in terms of their earnings, employment opportunities, educational attainment, and health. The authors show that the differences in success between GED recipients and high school graduates are driven by character skills. Achievement tests like the GED do not adequately capture character skills like conscientiousness, perseverance, sociability, and curiosity. These skills are important in predicting a variety of life outcomes. They can be measured, and they can be taught.
 
Using the GED as a case study, the authors explore what achievement tests miss and show the dangers of an educational system based on them. They call for a return to an emphasis on character in our schools, our systems of accountability, and our national dialogue.

Contributors
Eric Grodsky, University of Wisconsin–Madison
Andrew Halpern-Manners, Indiana University Bloomington
Paul A. LaFontaine, Federal Communications Commission
Janice H. Laurence, Temple University
Lois M. Quinn, University of Wisconsin–Milwaukee
Pedro L. Rodríguez, Institute of Advanced Studies in Administration
John Robert Warren, University of Minnesota, Twin Cities
[more]
cover of The Myth of Progress: Toward a Sustainable Future

The Myth of Progress

Toward a Sustainable Future

Tom Wessels

University Press of New England, 2013

In this compelling and cogently argued book, Tom Wessels demonstrates how our current path toward progress, based on continual economic expansion and inefficient use of resources, runs absolutely contrary to three foundational scientific laws that govern all complex natural systems. It is a myth, he contends, that progress depends on a growing economy. Wessels explains his theory with his three laws of sustainability: (1) the law of limits to growth, (2) the second law of thermodynamics, which exposes the dangers of increased energy consumption, and (3) the law of self-organization, which results in the marvelous diversity of such highly evolved systems as the human body and complex ecosystems. These laws, scientifically proven to sustain life in its myriad forms, have been cast aside since the eighteenth century, first by Western economists, political pragmatists, and governments attracted by the idea of unlimited growth, and more recently by a global economy dominated by large corporations, in which consolidation and oversimplification create large-scale inefficiencies in both material and energy usage. Wessels makes scientific theory readily accessible by offering examples of how the laws of sustainability function in the complex systems we can observe in the natural world around us. He shows how systems such as forests can be templates for developing sustainable economic practices that will allow true progress. Demonstrating that all environmental problems have their source in a disregard for the laws of sustainability that is based on the myth of progress, he concludes with an impassioned argument for cultural change.
[more]
cover of The Myth of Progress: Toward a Sustainable Future

The Myth of Progress

Toward a Sustainable Future

Tom Wessels

Brandeis University Press, 2023

A powerful argument that our current path toward progress, based on continual economic expansion and inefficient use of resources, runs contrary to three foundational scientific laws.
 
In this compelling, cogently argued, and acclaimed book, Tom Wessels demonstrates how our current path toward progress, based on continual economic expansion and inefficient use of resources, runs contrary to three foundational scientific laws that govern all complex natural systems. It is a myth, he contends, that progress depends on a growing economy. Wessels explains his theory with his three laws of sustainability: the law of limits to growth; the second law of thermodynamics, which exposes the dangers of increased energy consumption; and the law of self-organization, which results in the marvelous diversity of such highly evolved systems as the human body and complex ecosystems. Wessels argues that these laws, scientifically proven to sustain life in its myriad forms, have been cast aside since the eighteenth century, first by Western economists, political pragmatists, and governments attracted by the idea of unlimited growth, and more recently by a global economy dominated by large corporations, in which consolidation and oversimplification have created large-scale inefficiencies in both material and energy usage.
 
Wessels makes scientific theory readily accessible by offering examples of how the laws of sustainability function in the complex systems we can observe in the natural world around us. Demonstrating that all environmental problems have their source in a disregard for the laws of sustainability, he concludes with an impassioned argument for cultural change. This new edition has a new preface wherein the author regards The Myth of Progress as his most important work. It has been in constant demand since it was first published in 2006.
 
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